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Soybean futures experienced losses on Friday morning, with January contracts down 32 cents for the week and local cash prices at $10.34 1/2, a 14 1/4 cent decline. Open interest fell by 11,941 contracts, primarily due to the January contracts which dropped by 16,299 contracts. Soymeal futures decreased by $3.50 to $4.20, while soy oil futures were steady to down 17 points.
According to the CFTC, managed money increased their net long position to 118,489 contracts, gaining 83,160 contracts, while commercials expanded their net short position to 245,133 contracts—the highest since May 2022. USDA Export Sales data for the week ending November 6 is expected to show soybean bookings between 0.45-1.6 MMT, including known quantities of 132,000 MT to China.
China’s November soybean imports dropped to 8.11 MMT, a decrease of 14.5% from October. As of now, Argentina’s soybean planting is at 45%, slightly behind last year, while Brazil has reached 94% planting progress, staying behind the previous year’s 95% pace.
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